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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| African Battery Metals Plc | LSE:ABM | London | Ordinary Share | GB00BYWJZ743 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.55 | 0.50 | 0.60 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2021 to Apr 2024
TIDMPOW
RNS Number : 7804N
Power Metal Resources PLC
01 October 2021
1 October 2021
Power Metal Resources plc
("Power Metal" or the "Company")
Quarterly Business Operational Update
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the September quarterly business operational update for shareholders.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
"We consider Power Metal to be a global project with thirteen project packages across three continents and targeting nine precious, base and strategic metals.
At the heart of our business is resource prospect generation, targeting district scale resource opportunities for internal development or value crystallisation.
Look below and you will see the results of our work to date and the potential the Power Metal business offers.
As a longstanding private investor and public company director in the junior resource space I often encounter the frustrations and the jubilations offered by a cyclical market.
Our duty, notwithstanding market conditions, is to remain focused, to continue to build and, above all, to justify shareholders' trust in Power Metal through quantifiable delivery."
Note: in addition to the material presented below, investors are guided to the Power Metal corporate presentation which is available on the Company's website through the following link:
https://www.powermetalresources.com/presentation/
PROJECT OPERATIONS UPDATE
The tables below provide the latest status of each project within the Company's portfolio and include:
- Exploration project updates from African, North American and Australian interests;
- Corporate development updates for project packages advancing towards spin-out into their own listed vehicles as part of the Company's crystallisation objectives;
- Further updates in respect of Power Capital Investments Ltd, the Company's wholly-owned new project incubator;
- Additional management and financial information for shareholders.
African Exploration Projects
Hot Features
Premium
Project Latest Position
Molopo Farms Complex Work continues on technical analysis following
Project the drill programme completed in early 2021.
Botswana Significant nickel sulphides have been identified
(Nickel - Platinum in the drill core with assays up to 1.7%
Group Elements (PGEs)) nickel and 0.55g/t platinum. Further selected
POW: Effective Economic samples are to be assayed for additional
Interest 50.8% nickel sulphide and PGE content.
Discussions are in process with regard to
corporate developments in respect of the
Molopo Farms Complex interest together with
next stage exploration including additional
drilling.
Key Potential Value Drivers: Confirmation
of further nickel sulphide and platinum
group elements (PGEs) from assay testing,
outcome(s) from corporate discussions and
launch of next stage exploration.
-----------------------------------------------------
South Ghanzi Project
Botswana South Ghanzi Project is held within Kanye
(Copper - Silver) Resources plc, a joint venture vehicle 50%
POW: 50% held by Power Metal and 50% by partners
Kavango Resources plc (LON:KAV) who are
the operators of the project.
Drill target refinement continues at the
South Ghanzi Project, together with initial
exploration at the recently acquired South
Ghanzi Extension Licences and the Mamuno
Licences. Together, the ground footprint
in the Kalahari Copper Belt (KCB) totals
4,257km(2) .
Approval of the Environmental Management
Plan (EMP) for South Ghanzi is being sought
to enable drilling to be undertaken.
Further consideration is being given by
the joint venture partners with regard to
the planned IPO of Kanye Resources plc and
an update in this regard will be provided
in due course.
Key Potential Value Drivers: Approval of
the EMP, drilling of South Ghanzi targets
and initial exploration findings from the
recently acquired KCB licences.
-----------------------------------------------------
Ditau Camp Project Ditau Camp Project is also held within the
Botswana Kanye Resources plc joint venture as outlined
(Rare Earths) above.
POW: 50% To date three specific targets have been
identified for drilling, which is expected
to commence in Q4 2021.
Further exploration work is continuing on
the ground including ground based geophysical
surveys.
Key Potential Value Drivers: Drilling of
Ditau targets and results from ongoing exploration.
-----------------------------------------------------
Tati Project
Botswana The company recently completed its Phase
(Gold - Nickel) I and Phase II work programmes, which included
POW: 100% high-resolution soil sampling (1,107 samples
collected), mapping and prospecting (49
rock samples collected), as well as ground-based
geophysics including high-resolution magnetic
and radiometric surveys.
The results have highlighted five target
areas across the two licences, which are
defined by kilometre-scale geochemical anomalies
that are coincident with various geological
structures that were highlighted by the
ground geophysical surveys.
The company is now in the preparatory stage
for an inaugural drilling campaign, which
will include roughly 1000m of reverse circulation
(RC) drilling across the various target
areas.
Drilling is expected to commence during
the first week of October subject to final
preparations.
Key Potential Value Drivers: Results of
ongoing exploration including drill results.
-----------------------------------------------------
Kisinka Project Next stage exploration is drill testing
The DRC of the 6.8km copper-cobalt geochemical anomaly
(Copper - Cobalt) identified from previous exploration programmes.
POW: 70% Preparations are continuing for drilling
including target refinement and sourcing
of appropriate contractors.
Drilling is expected to commence in Q4 2021.
Key Potential Value Drivers: Drill testing
of copper-cobalt targets.
-----------------------------------------------------
Haneti Project
Tanzania The next stage of exploration is deep diamond
(Polymetallic) drill testing at Haneti targeting nickel
POW: 35% sulphide - PGE mineralisation.
Final preparations are underway for this
drill programme which is targeted to commence
in Q4 2021.
Key Potential Value Drivers: Drill testing
of nickel sulphide - PGE targets.
-----------------------------------------------------
North American Exploration Projects
Project Latest Position
Silver Peak Project Assay results are currently pending from
British Columbia, the recently completed summer drill programme.
Canada Work continues on a potential IPO of the
(Silver) Silver Peak project as well as the consideration
POW: 30% of a number of alternative commercialisation
opportunities.
Key Potential Value Drivers: Pending assay
results and confirmation of selected commercialisation
approach.
--------------------------------------------------------
Alamo Project
Arizona, USA The Notice Level Plan of Operations permit
(Gold) which was required to commence the next
POW: Earn-in to phase of exploration has been received.
75% In line with recently introduced provisions
an additional cultural and biological assessment
is being undertaken which we expect to be
completed by the end of October and thereafter
work will commence.
The work programme is expected to include
trenching on one area of the Alamo Project,
with associated sampling, assaying and mapping
and thereafter potential drilling of a number
of short percussion holes to test for gold
and silver mineralisation.
Key Potential Value Drivers: Launch of next
stage exploration and associated results.
--------------------------------------------------------
Athabasca Uranium
Satskatchewan, Canada 241km(2) of ground has been staked surrounding
(Uranium) the Athabasca Basin in Saskatchewan, Canada.
POW 100%
In total 7 property packages have been assembled,
all of which are prospective for uranium
mineralisation.
Work is being undertaken to assemble detailed
project information and to determine next
steps for the newly acquired properties.
Key Potential Value Drivers: Publication
of full property information, uranium prospectivity
analysis and launch of Phase I work programme.
--------------------------------------------------------
Authier North
Quebec, Canada A programme of detailed soil sampling, prospecting
(Lithium) and rock sampling has recently completed.
POW earn in to 100%
The programme was designed to test for the
extensions of a lithium-bearing pegmatite
dyke down dip to the north, and along strike
to the east from the adjacent Authier Lithium
Property.
The Authier Lithium Property is owned by
Sayona Mining Limited and is scheduled to
go into production in 2023. The results
from the recently completed programme will
be released to the market once received,
compiled and interpreted by Power Metal
personnel.
Key Potential Value Drivers: Results from
the exploration programme now completed.
--------------------------------------------------------
Disposal/Spin-Out Vehicle Packages (*)
* Please note other project packages within the Power Metal portfolio are also in earlier stages of spin-out preparations in addition to those listed below.
Project Latest Position
New Ballarat Gold Power Metal has an interest in 49.9% of
Corporation New Ballarat Gold Corporation plc ("NBGC")
Victoria, Australia held in joint venture with 50.1% held by
(Gold) Red Rock Resources plc (LON:RRR).
POW: 49.9% Through its Australian operating subsidiary,
Red Rock Australiasia Pty Ltd, NBGC has
a strategic land footprint in the Victoria
Goldfields, Australia. The footprint comprises
1,458m(2) of ground under 9 licence applications
and 7 granted licences covering 848km(2)
.
Extensive exploration is continuing, combining
desk-based research with field exploration.
Drill targets have been identified following
additional discoveries of historic mine
workings within the granted licence area.
A diamond drill programme has been scheduled
for the end of the year.
The joint venture partners are working together
to expedite a listing of NBGC on the London
capital markets. The new board of NBGC has
been selected in readiness for listing and
NBGC has appointed all key advisors in this
regard.
Key Value Drivers: Material findings from
ongoing exploration, further licence grants
and the listing of NBGC on the London capital
markets.
-------------------------------------------------------------------
Golden Metal Resources During Q2/Q3 2021 Power Metal assembled
Nevada, USA a strategic package of exploration and development
Gold - Base Metals interests in Nevada USA under the corporate
POW - Various interests vehicle Golden Metal Resources Ltd ("Golden
(see right column) Metal"). Golden Metal's project portfolio
POW 100% includes:
* Golconda Summit - an exploration property targeting
high grade near surface gold, where Power Metal has a
right to earn-in to a 100% interest.
Permit has now been received allowing a
trenching, sampling and mapping work programme
to be undertaken. Final preparations are
in hand and exploration is expected to commence
at Golconda Summit in October.
* Garfield/Stonewall - two 100% owned exploration
properties targeting gold-silver mineralisation.
Initial exploration now launched includes
the processing of various Aster and Worldview-3
hyperspectal satellite imagery datasets
over the Garfield Property, which will allow
for the remote mapping of various iron and
hydrothermal alteration minerals.
* Pilot Mountain - an option to acquire a 100% interest
in an advanced exploration and development property
with a substantial JORC compliant tungsten, copper,
silver and zinc resource.
Due diligence is fully underway to enable
option exercise to proceed by the date of
option expiry on 29/10/2021.
Golden Metal is seeking a listing on the
London capital markets and is currently
assembling its advisory team to complete
the listing documentation.
Key Value Drivers: Positive findings from
exploration work at Golconda Summit and
Garfield properties and the listing of Golden
Metal on the London capital markets.
-------------------------------------------------------------------
First Development Power Metal is to acquire a 75% interest
Resources in First Development Resources Pty Ltd (FDR
Western Australia Australia), an Australian company holding
(Gold - Copper) five exploration interests in the Paterson
POW: Conditional Region of Western Australia.
Acquisition 75% Initially the licences included one granted
exploration licence and four licence applications.
Power Metal has received confirmation that
two additional exploration licence applications
have now been granted (Wallal Main E45/5816
and Wallal West 2 E45/5880), two of the
three strategic Wallal Project licences,
with the remaining licence (Wallal West
1 E45/5853) expected to be granted imminently.
The Wallal Project is the focus of ongoing
exploration work including 2D seismic geophysics
reprocessing and a passive seismic survey
which is intended to help refine drill targeting
within the Wallal Main Licence area.
Drill targets comprise magnetic bullseye
targets of similar geological nature to
that drill tested by Greatland Gold plc
leading to the discovery of the Havieron
deposit in the Paterson Province.
The acquisition which is now proceeding
will trigger the acquisition of FDR Australia
by First Development Resources Limited,
which Power Metal plans to list on the London
capital markets.
Key Potential Value Drivers: Licence grants,
formal acquisition of FDR Australia, listing
in London and deep drill testing of magnetic
bullseye targets.
-------------------------------------------------------------------
First Class Metals Power Metal announced the disposal of its
Schreiber-Hemlo, Schreiber-Hemlo interests to First Class
Ontario, Canada Metals ("First Class") on 07/09/2021 for
(Gold - Base Metals) consideration of GBP1mn. With the shares
POW c.38% received on the disposal, and following
a subscription by Power Metal of GBP28,764
at GBP3/share in the pre-IPO raise, Power
Metal currently has an interest of c.38%
in First Class (after reflecting the c.GBP400,000
pre-IPO raise undertaken by First Class).
First Class is seeking a listing on the
London capital markets and provided an update
to shareholders on 27/09/2021 confirming
considerable progress from both from exploration
and corporate perspectives.
Power Metal is working with First Class
to support their listing plans and looks
forward to reporting further progress in
this regard. On listing Power Metal will
be a significant shareholder in First Class.
Key Potential Value Drivers: Exploration
updates from the Schreiber-Hemlo interests
and listing of First Class on the London
capital markets.
-------------------------------------------------------------------
New Opportunities
Project Latest Position
Power Capital Investments Power Capital Investments (Power Capital)
Limited is currently in the early stages of three
Global Resource potential new projects namely:
Project Incubator * Gold exploration in Europe where Power Capital has a
(Multi-Commodity) signed agreement with a third party. To date assay
POW: 100% testing of samples has been undertaken demonstrating
high-grade gold mineralisation in hand samples.
Currently Power Capital is funding the third party to
lodge licence applications covering the area of
interest. Thereafter the plan is to launch additional
exploration programmes. Power Capital may earn-in to
a 50% interest by expending EUR100,000 on exploration
and corporate costs.
* Consideration of an African rare earths initiative
with a specialist geological team employing new
technology to identify rare earth deposits in Africa.
Limited information will be provided in
respect of the above Power Capital projects
to preserve commercial sensitivity, notably
where work is needed to secure exploration
licences or to protect commercial partners.
At present none of the Power Capital projects
above are considered material in the context
of the Power Metal business overall. Should
they become so, further disclosures may
be necessary.
NOTE: A maximum investment level of GBP100,000
per opportunity has been established and
a minimum 50% Power Capital holding interest
in any opportunity following Power Capital's
investment.
Key Potential Value Drivers: Advancement
of any Power Capital investment into full
Power Metal project status or spin-out IPO
opportunity.
------------------------------------------------------------------
Management and Financial
Project Latest Position
Board Further to the announcement of 21 September
2021, Andrew Bell, Chairman of Power Metal
stepped down from the board yesterday to
focus on the large spin-out IPO of NBGC
(see above).
Current Non-executive director Scott Richardson
Brown is to become Interim Chairman pending
the appointment of a new Chairman in due
course.
--------------------------------------------------
Senior Management The Company operates a hub and spoke operational
management style coordinating and controlling
global exploration operations from its UK
Head Office.
In 2021 with the growth of our business
portfolio, and the success of exploration
and commercial ventures, we have built the
Head Office team with exploration management,
commercial management and financial and
administrative support.
We are also seeking to optimise resources,
and our Head Office team will be deployed
to support spin-out vehicles, managerially
and administratively, helping to reduce
the operational costs to Power Metal of
new team members.
--------------------------------------------------
Financial Position Power Metal has a growing balance sheet
which, as with many other exploration companies,
has a core of capitalised exploration costs
for ongoing exploration projects.
Power Metal can monetise its operational
interests as demonstrated by the disposal
of the Schreiber-Hemlo business interests
(see above).
And importantly, Power Metal is planning
to spin-out other business interests into
listed vehicles, and any new listings will
add materially to the Company's balance
sheet.
Excluding all of the above the Company also
holds working capital, comprising cash and
currently listed (tradable) investments,
which funds day to day operations. As at
24/09/2021 this amounted to working capital
of GBP2.51million.
--------------------------------------------------
Audit and Compliance As the financial year comes to a close Power
Metal is working with One Advisory, its
financial and compliance service partner,
to prepare for the annual audit, with financial
results for the year ended 30 September
2021 expected to be published in February
2022.
As a responsible exploration company Power
Metal is further bolstering its Environmental,
Social and Governance initiatives and will
be publishing further information in the
coming months covering the various measures
implemented.
In 2020 the Company undertook a Finance,
Administration and Compliance Protocols
and Procedures Review to further improve
its underlying Governance and is now further
bolstering this with detailed business process
mapping across the Company. These measures
are considered necessary as the Company
expands in size, scale and breadth of corporate
and exploration activities.
--------------------------------------------------
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc Paul Johnson (Chief Executive Officer) +44 (0) 7766 465 617 SP Angel Corporate Finance (Nomad and Joint Broker) Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470 SI Capital Limited (Joint Broker) Nick Emerson +44 (0) 1483 413 500 First Equity Limited (Joint Broker) David Cockbill/Jason Robertson +44 (0) 20 7330 1883
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of ass ets.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
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October 01, 2021 08:56 ET (12:56 GMT)
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